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Real estate Roundtable Participants

CMBS Debate: Getting real estate financing right


James Blakemore Andrew Carnegie
Peter Clarke Cyril Courbage
Robert Gray Zubin Irani
Steven J Owen Andrew Radkiewicz

James Blakemore is a managing director at Lehman Brothers and oversees the European division of Lehman's global real estate group. At Lehman Brothers since 1994, he originally worked in the CMBS and large loan business in New York and subsequently headed the CMBS and senior loan business in Europe for four years before taking over responsibility for the firm's real estate business (excluding LBREP, Lehman's real estate private equity fund) in 2004. Andrew Carnegie has been a partner with Clifford Chance since 1996. Andrew specializes in all types of real estate finance, including structured finance and CMBS transactions.

Peter Clarke is joint head of asset management at the British Land Company and chairman of its derivatives committee. His responsibilities include portfolio-wide control of rent reviews, credit control, corporate matters and securitizations. Peter joined British Land in March 1989 as company secretarial assistant. He has since assumed responsibility for much of the capital markets activity as well as taking on his asset management responsibilities. He is a Chartered Secretary and Associate of the Chartered Institute of Arbitrators.

Cyril Courbage is a managing director responsible for Deutsche Bank's European commercial real estate large loan banking and special situations activities. Before joining Deutsche Bank, Cyril spent seven years at Merrill Lynch in New York and London, initially focusing on distressed debt and more recently as a director in the real estate principal investment group.

Robert Gray is executive director, European CFO, of Morgan Stanley Real Estate Funds. He joined Morgan Stanley in 2002 and is responsible for financing of MSREF investments, foreign exchange and interest rate hedging, accounting and investor reporting. Before joining Morgan Stanley he worked at JPMorgan as chief credit officer for the commercial real estate lending and securitization program for seven years. Earlier experience included working in real estate equity acquisitions and commercial property debt restructuring for Citigroup in the late 1980s and early 1990s.

Zubin Irani is managing director of Goldman Sachs and chief financial officer of the Whitehall Funds in Europe. He is responsible for Whitehall's European financing activity and is also responsible for Whitehall's currency hedging activity worldwide. Additionally, he is jointly responsible for mezzanine investments in real estate. Before joining Goldman Sachs in 1996, Zubin worked in the commercial mortgage finance group at Salomon Brothers for four years.

Steven J Owen, LLB, FCA, MCT is deputy chief executive of Brixton plc. He joined Brixton in 1985 and was appointed finance director in April 1992 and deputy chief executive in April 2000. He is responsible, inter alia, for Brixton's financial strategy and capital structure. This means limited issuance of equity and unsecured funding on-balance sheet and non-recourse, secured funding off-balance sheet in its joint ventures with institutional partners.

Andrew Radkiewicz is a managing director at N M Rothschild & Sons. He has headed the real estate finance group at Rothschild for five years, having joined the bank in 1996. The group has responsibility for Rothschild's activities in the real estate sector, which comprises equity, mezzanine and debt, as well as CMBS. Andrew was responsible for establishing the real estate capital conduit, which was formed to issue both multi-borrower and single standalone CMBS transactions.

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